TPG Real Estate Partners-backed 4th Industrial has completed the purchase of The Ringway Industrial Estate in Huddersfield from clients of CBRE Global Investors (CBRE GI).
4th Industrial was advised by Cushman & Wakefield, with CBRE GI advised by Knight Frank.
The 136,529 sq ft industrial estate provides 28 units, let to 22 tenants. The Weighted Unexpired Lease Term (WAULT) is approximately 5.6 years to expiries and 4.1 years to breaks.
The estate is strategically located to the north of Huddersfield town centre in a mixed commercial location adjacent to Ringway Retail Park and is suitable for light industrial, last mile delivery and trade counter use. Units range from c.2,000 sq ft to c.15,000 sq ft. Prior to sale, the vendor completed an extensive refurbishment programme across the majority of the estate.
Derek Heathwood, Managing Director of 4th Industrial, said: “The Ringway acquisition continues our theme of purchasing well-located, high-quality multi-let industrial property in key target UK submarkets. There are a number of near-term lease events and circa 18,000 sq ft of vacant space across three refurbished units, which provide immediate opportunities to enhance value.”
Richard Brooke, Partner at Cushman & Wakefield’s, added: “We are forecasting strong rental performance in key industrial markets which in turn is driving investor appetite and yield compression for well-located multi let industrial estates. The Ringway is well-placed to benefit from these favourable dynamics as 4th industrial work through their business plan and I am confident this asset will perform well for them.”
Graham Foxton at the Leeds office of Knight Frank acted for CBRE GI.